Economists of all hues and shades would agree on one issue. It’s that the india story is generating this level of global interest mainly because of its sustainable competitive advantage : the demographic dividend. And if it sounds like jargon, rest assured it’s nothing more than the advantage our country has in terms of a large population of young people (in the working age group of 15-64). The 2007-2008 Economic Survey found that 68.4 per cent of the population will be within this age group in 2026, up from an already high base of 62.9 per cent in 2006.And that is saying a lot, when we compare it with the large sections of the older populace in China, Japan or South Korea, which will eventually erode the low wage advantage in many of these countries.
But will this necessarily turn out to be an advantage for India? No one can say for sure. Amidst this euphoria, a fact that we are conveniently overlooking is that this huge, young workforce could become more of a liability rather than an asset without proper, customized training at different levels of their career. In fact, this realization has set in rather late, going by the number of freshers who, after years of formal education, are branded brusquely as ‘not yet job-ready.’ by their employers. Where does the fault lie?
India Incorporated could do with a bit of introspection, too. Not too many in the corporate sector realize that the missing link that could make employees eminently job-ready is customized training—training programs that are structured not only taking the unique needs and cultural set-up of the organization, or the needs of different functions within the organization, but individual competencies and aptitudes, as well. And this applies not only to the entry stage, but to every stage of the professional life cycle. For middle aged employees it means crucial upgradation in their skills that could make all that difference between competency-building and redundancy.
The benefits of multi-level customized training are obvious
- Higher productivity at all
- For freshers, it means better integration with the company
- For mid career employees, it means crucial upgradation of skills
- Higher Return on Investment (ROI) for the organization
- Awareness on the part of employees about a company’s specific needs and culture
- Cutting down in terms of time and expenses on ‘one-size-fits-all’ training that is not relevant to all employees
- Gaining an edge over competition
And these are just some of them.
There is another reason why there needs to be a tectonic shift in human resource training. While the fast-changing and competitive global markets have seen mercurial business cycles and short product life cycles for some years now, post-recession, ongoing employee development and up-skilling has become even more of an imperative as organizations penetrate into new markets and try to extract the maximum value for the capital they have ploughed into operations. For this, they need to recruit employees who can hit the ground running. That formal education cannot deliver the goods is now a reality. That is where flexible training modules come in. Their objectives supplement formal education, filling in the gaps in soft skills such as communication, leadership, initiative, aptitude, practical know-how, workplace realities, and other areas where formal education contributes next to nothing.
Industry analysts talk about the feverish haste with which the corporate sector is now tying up with training institutions to cope with changing needs. A very major challenge today is the breakdown of the traditional top-down model in the corporate sector, where earlier, freshers, after entry, had all the time in the world to take over gradually from their seniors. After the recession, ‘gradualism’ has become history. Add to this the ability variance across teams, regional disparity challenges from the opening up of non metro markets and the heterogeneity of geographically –dispersed employees, and it should not be difficult to understand why divergent customized training solutions are such a necessity-- even internally-- within organizations that are cross-cultural, at all levels—from entry stage to a later stage, as well.